Centro Properties (CNP)

Centro Retail Australia
’s appointment of former Charter Hall Retail chief executive
Steven Sewell
to its top job cuts the likelihood of M&A activity at the new retail trust in the short to medium term, said Deutsche Bank. Speculation of a takeover of Centro, which has about $4.4 billion in assets and runs $2.9 billion in syndicates, has been rife in the market. But the appointment of a chief executive with extensive operational experience means there is less likelihood of it happening soon, said Deutsche Bank. Mr Sewell’s appointment has been seen as a boost to stability for the fledgling fund. He will succeed
Robert Tsenin
this quarter, the company said. Despite negative sentiment towards the retail sector, the trust has been one of the strongest performers in the S&P/ASX 200 A-REIT index since the start of the year. Its closing price was up from $1.71 on December 30 to $1.81 yesterday.